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Partisanship and Fiscal Policy in Economic Unions : Evidence from U.S. States

Carlino, Gerald A.; Drautzburg, Thorsten; Inman, Robert P. - National Bureau of Economic Research - 2021

Partisanship of state level politicians affect the impact of federal fiscal policy in the U.S. Using data from close gubernatorial elections, we find partisan differences in the marginal propensity to spend federal transfers since the early 1980's: Republican governors spend less. A New...

Persistent link: https://www.econbiz.de/10012482641

Large Changes in Fiscal Policy : Taxes Versus Spending

Alesina, Alberto F. - 2009

We examine the evidence on episodes of large stances in fiscal policy, both in cases of fiscal stimuli and in that of fiscal adjustments in OECD countries from 1970 to 2007. Fiscal stimuli based upon tax cuts are more likely to increase growth than those based upon spending increases. As for...

Persistent link: https://www.econbiz.de/10012463211

Fiscal Policies in Open Cities with Firms and Households

Haughwout, Andrew - 2000

With the renewed interest in cities as economic centers comes a need to understand how local public services and local taxes are likely to affect city economic performance. This paper provides an equilibrium model of an open city economy with mobile firms and resident workers. Given household...

Persistent link: https://www.econbiz.de/10012470920

Do Balanced Budget Rules Work? U.S. Experience and Possible Lessons for the EMU

Inman, Robert P. - 1996

The `Excessive Deficit Procedure' of the Maastricht Treaty on Economic and Monetary Union proposes two fiscal convergence conditions for entry and continued membership in the EMU: 1) a country's overall budget deficit for each fiscal year must be equal to or below 3% of GDP, and 2) a country's...

Persistent link: https://www.econbiz.de/10012472990

Presidential Leadership and the Reform of Fiscal Policy : Learning from Reagan's Role in TRA 86

Inman, Robert P. - 1993

and a credible veto to force "all-or-nothing" choices between reform and the inefficient status quo. President Reagan …'s role in the passage of the Tax Reform Act of 1986 is detailed in the light of this model; the analysis reveals the role of … executive resources and the importance of the veto strategy to major fiscal reform …

Persistent link: https://www.econbiz.de/10012474556

The Political Economy of Fiscal Policy

Ingberman, Daniel E. - 1987

If there has been a dominant trend in the evolution of the modern industrial societies of this century it has been the growing importance of government in the allocation of social resources. It is important that we appreciate the fundamentally political nature of the formation of government...

Persistent link: https://www.econbiz.de/10012476663

What do we know about the effects of Austerity?

Alesina, Alberto F. - 2018

This paper summarizes the results of a large recent literature on multi year fiscal plans for deficit reduction (austerity). The key results are that deficit reduction policies based upon spending cuts are much less costly in terms of short run output losses than tax based adjustments. On...

Persistent link: https://www.econbiz.de/10012453468

Fiscal Stimulus in Economic Unions : What Role for States?

Carlino, Gerald - 2015

The Great Recession and the subsequent passage of the American Recovery and Reinvestment Act returned fiscal policy, and particularly the importance of state and local governments, to the center stage of macroeconomic policy-making. This paper addresses three questions for the design of...

Persistent link: https://www.econbiz.de/10012456989

Macro Fiscal Policy in Economic Unions : States as Agents

Carlino, Gerald - 2013

The American Recovery and Reinvestment Act (ARRA) was the US government's fiscal response to the Great Recession. An important component of ARRA's $796 billion proposed budget was $318 billion in fiscal assistance to state and local governments. We examine the historical experience of federal...

Persistent link: https://www.econbiz.de/10012459102

The design of fiscal adjustments

Alesina, Alberto F. - 2012

This paper offers three results. First, in line with the previous literature, we confirm that fiscal adjustments based mostly on the spending side are less likely to be reversed. Second, spending based fiscal adjustments have caused smaller recessions than tax based fiscal adjustments. Finally,...

Persistent link: https://www.econbiz.de/10012460237